Yahoo! CEO out
Yahoo!’s Scott Thompson has become the third CEO to leave the company in as many years after reports emerged he lied about obtaining a computer science degree in his CV.
Thompson, also the former chief executive at online payments company PayPal, will be replaced in the interim by Yahoo!’s global media head Ross Levinsohn, who most recently ran advertising sales for its Americas unit.
Yahoo! did not state a reason for Thompson’s departure, simply saying he has “left the company”. The Wall Street Journal reports Thompson told Yahoo!’s board of directors and other colleague he had been diagnosed with thyroid cancer.
One of Thompson’s first strategic moves in his four month tenure was making the decision to axe 14% of Yahoo!’s workforce in order to intensify its efforts on a select group of core businesses.
Thompson’s departure will be welcomed by Third Point, the hedge fund that owns 5.8% of the company’s shares, which pointed out the exaggeration in his CV.
Yahoo! has reached a settlement agreement with Third Point for three of its employees – Daniel Loeb, Harry Wilson and Michael Wolf – to join its board.
The company has also named Fred Amoroso as its chairman, replacing Roy Bostock who has stepped down from his role as non-executive chairman “in order to accelerate the leadership transition for the new board”. Amoroso joined the Yahoo! board in February from digital entertainment company Rovi.
Fred Amoroso says: “The board believes in the strength of the company’s business and assets, and in the opportunities before us, and I am honoured to work closely with my fellow directors and Ross to continue to drive Yahoo! forward.”
